Financial Results : Maaden Q1 2022 profit more than doubles to SAR 2.171 bln

Maaden Q1 2022 profit more than doubles to SAR 2.171 bln

27/04/2022 Argaam Exclusive

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Saudi Arabian Mining Co. (Maaden) posted an over twofold increase in Q1 2022 net profit to SAR 2.171 billion, from SAR 761.2 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 5,449.77 8,914.08 63.6 %
Gross Income 1,436.40 3,884.06 170.4 %
Operating Income 1,046.98 3,262.38 211.6 %
Net Income 761.16 2,171.92 185.3 %
Average Shares 3,691.77 3,691.77 0.0 %
EPS (Riyals) 0.21 0.59 185.3 %

The positive performance was driven by higher average realized selling prices of all products except for industrial mineral products, better net profit from Maaden’s joint ventures and lower finance costs. The company also cited higher income from time deposits.

 

Compared to Q4 2021, net profit grew by 3.9% from SAR 2.090 billion.

 

Shareholders' equity, after minority interest, jumped 22.17% to SAR 37.923 billion in Q1 2022, from SAR 31.040 billion in the prior-year period.

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